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Vimy Resources Ltd.
Summary
| Project: | Alligator River | |
|---|---|---|
| Deposit: | Angulari | |
| Location: | Australia | |
| Commodities: | Uranium | |
| Date: | 12/10/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 10-12-2018: Vimy Resources Ltd. announces a Scoping Study report for its Angulari deposit at the Alligator River project. Positive scoping study for Angulari uranium deposit . Vimy Resources Limited (‘Vimy’ or ‘the Company’) is pleased to announce the com | |
| Resources: | (Resource, Inf.): 0.91Mt @ 1.3% U3O8 for 26Mlbs U3O8 contained | |
| CP/QP: | [Overall Report]: Anthony Chamberlain (Internal) | |
| ABSTRACT: | Vimy Resources Limited (‘Vimy’ or ‘the Company’) is pleased to announce the completion of the Scoping Study for the Angularli Uranium Deposit (75% Vimy) at the Alligator River Project located in the Northern Territory. The Company awarded the Engineering Scoping Study to Wood PLC (formerly Amec Foster Wheeler). The Scoping Study provides a -20 +40% capital and operating estimate for the process plant and associated infrastructure. TME Mining Consultants (TME) developed the capital and operating cost estimate for the underground mine design. Metallurgical testwork completed at the Australian Nuclear Science and Technology Organisation (ANSTO) showed two flowsheet options are technically viable with the final yellowcake product meeting converter specifications. Mike Young, Managing Director and CEO of Vimy Resources said, “The high-grade nature of the Angularli deposit provides us with the opportunity to develop a Tier One asset, with the potential to be profitable in any uranium market. “Given the prospectivity of the Angularli deposit and the recent encouraging drilling results at the nearby Such Wow prospect, I’m confident the Angularli area will grow to become a significant part of our project portfolio. “Notwithstanding that the resource is still at the Inferred status, the Scoping Study itself has been completed to a very high standard and the Board agrees that the results of the Study merit further work.” Angularli Uranium Deposit The Angularli Uranium Deposit is part of the Alligator River Project which lies approximately 380km by road east-northeast of Darwin in the Northern Territory of Australia (Figure 1). The Angularli deposit is located in the King River-Wellington Range tenement group which is managed in a joint venture (Vimy 75%: Rio Tinto 25%) with Rio Tinto Exploration Pty Limited (Rio Tinto), a wholly owned subsidiary of Rio Tinto Ltd. Rio Tinto is currently not contributing to joint venture expenditure, with its interest diluting based on expenditure by Vimy. Angularli has an Inferred Mineral Resource estimate of 0.91Mt @ 1.3% U3O8 for 26Mlbs (Vimy 75%) (as per ASX release of 20 March 2018). This Inferred Mineral Resource is the basis for the Scoping Study. Results from recent exploration drilling completed at Angularli, as announced on 26 November 2018, have not been incorporated into the Study. This programme was primarily focused on testing parallel structures and intentionally did not include any infill drilling within the current Angularli Inferred Mineral Resource envelope. | |
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